RENO, Nev.--(BUSINESS WIRE)--Consolidated Goldfields Corporation ("CDGF") (OTCQX: CDGF)
announces pursuant to National Instrument 62-103 The Early Warning
System and Related Take-Over Bid and Insider Reporting Issues that
on May 29, 2014 it acquired ownership and control of an additional
5,300,000 common shares (the “Third Tranche Shares”) of Teras
Resources Inc. (“Teras”), representing approximately 5.00% of
Teras’s issued and outstanding common shares. The Third Tranche Shares
were issued at a deemed price of Cdn$0.20 per Third Tranche Share
pursuant to the terms of an Exploration and Earn-in Agreement (the “Earn-In
Agreement”) between CDGF and Teras dated February 10, 2010 and
relating to Teras’s acquisition from CDGF of a 65% interest in the
Cahuilla project located in Imperial County, California.

Prior to the acquisition of the Third Tranche Shares, CDGF had control
and direction over 2,307,556 common shares of Teras. As a result of the
acquisition of the Third Tranche Shares, CDGF had ownership and control
of an aggregate of 7,607,556 common shares in the capital of Teras,
representing approximately 7.18% of the issued and outstanding common
shares of Teras.

On September 29, 2011, Teras signed a second Exploration and Earn-In
Agreement with CDGF to acquire the remaining 35% of the Cahuilla project
in consideration of an additional 10,000,000 common shares of Teras (the
“Fourth Tranche Shares”). On June 4, 2014, CDGF acquired
ownership and control of the Fourth Tranche Shares which represent an
additional 8.63% of Teras’s issued and outstanding common shares. The
Fourth Tranche Shares were issued at a deemed price of Cdn$0.20 per
Fourth Tranche Share pursuant to the terms of the Earn-In Agreement.
CDGF now has ownership and control of an aggregate of 17,607,556common
shares of Teras, representing approximately 15.19%of the issued
and outstanding common shares of Teras.

CDGF currently has no future intention to acquire ownership of, or
control over, additional securities of Teras.

A copy of the early warning report relating to this transaction is
available under Teras’s profile at www.sedar.com.

Except for the historical information contained herein, certain
matters discussed in this press release are forward-looking statements
which involve risks and uncertainties.These forward-looking
statements are based on expectations and assumptions as of the date of
this press release and are subject to numerous risks and uncertainties
which could cause actual results to differ materially from those
described in the forward-looking statements.Forward-looking
statements can be identified by, among other things, the use of
forward-looking language, such as the words “plan,” “believe,” “expect,”
“anticipate,” “intend,” “estimate,” “project,” “may,” “will,” “would,”
“could,” “should,” “seeks,” or “scheduled to,” or other similar words,
or the negative of these terms or other variations of these terms or
comparable or similar language, or by discussion of strategy or
intentions.Such forward-looking statements include, without
limitation, statements regarding future business strategy, plans and
goals and other statements that are not historical facts.Forward-looking
statements address activities, events or developments that the Company
expects or anticipates will or may occur in the future, and are based on
current expectations and assumptions.Although management
believes that its expectations are based on reasonable assumptions, it
can give no assurance that these expectations will prove correct.The
Company does not intend to publicly update any forward-looking
statements, whether as a result of new information, future events, or
otherwise, except as may be required under applicable securities laws.A copy of the Company's report for the year ending December 31, 2013
can be found on the OTCQX website at www.otcqx.com.

For more information on CDGF, or to obtain a copy of the early warning
report, contact Marc J. Andrews at (775) 461-2545.